The Central Bank of Nigeria (CBN) says 12 banks have been debited N499 billion for failing to give out 60% of their deposits as loans. The cash reserve of the banks held by the CBN has been debited. The CRR is a portion of the banks’ deposits kept with the CBN for regulatory reasons.
In July, the CBN had increased the loan to deposit ratio to 60% saying: “Failure to meet the above minimum LDR by the specified date shall result in a levy of additional Cash Reserve Requirement equal to 50% of the lending shortfall of the target LDR”. The affected banks are:
Citibank – N100,743,055,321
First Bank of Nigeria – N74,668,880,480
FBNQuest Merchant Bank – N2,697,456,144
First City Monument Bank (FCMB) – N14,371,064,742
Guaranty Trust Bank – N25,147,933, 628
Jaiz Bank – N7,525,165,552
Keystone Bank – N4,162,938, 879
Rand Merchant Bank – N2,823,177,399
Standard Chartered Bank – N30,027,137,984
SunTrust Bank – N1,703,205,427
United Bank for Africa – N99,676,181,916
Zenith Bank – N135,629,337,625
THE CABLE
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